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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
+325.9%
€36.67
vs €8.61 price
Levered DCF
€31.78
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.37
Distress zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E5.94×4.36×4.22×13.32×5.94×10.64×8.15×11.11×
P/B0.46×0.43×0.48×0.25×0.55×0.56×0.54×0.79×
P/S0.66×0.66×0.76×0.46×1.21×1.18×1.11×1.7×
EV / EBITDA-2.33×-7.93×-8.31×-9.26×-4.89×-5.61×-2.03×8.32×
Gross margin66.3%66.6%69.1%75.0%77.4%73.1%71.2%74.7%
Operating margin14.1%21.2%24.0%3.7%24.2%13.9%20.1%22.5%
Net margin11.1%15.1%18.1%3.4%20.4%11.1%13.7%15.3%
Current ratio8.06×0.24×0.28×0.26×0.23×0.23×0.2×0.25×
Debt / equity1.23×0.36×0.32×0.36×0.54×0.48×0.57×1.58×
Interest coverage0.44×0.64×0.78×0.15×1.07×0.52×0.7×0.89×
Dividend yield7.0%8.3%0.0%0.0%6.6%0.0%4.1%2.7%
Payout ratio41.6%36.1%0.0%0.0%39.2%0.0%33.6%30.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity7.8%9.9%11.5%1.9%9.3%5.3%6.6%7.2%
Return on invested capital0.7%6.9%8.3%1.4%5.9%3.5%4.8%3.2%
Return on assets0.7%1.0%1.2%0.2%1.0%0.6%0.8%0.9%
Free cash flow yield-28.4%-47.9%0.3%248.4%24.5%24.3%63.3%0.4%
Earnings yield16.8%22.9%23.8%7.5%16.9%9.4%12.3%9.0%
Enterprise value-€348.5M-€1.3B-€1.6B-€1.4B-€612.5M-€591.9M-€204.6M€783.5M
Net debt / EBITDA-5.65×-10.64×-10.86×-10.7×-8.66×-9.76×-6.27×2.11×
Cash conversion cycle (days)11781110101516